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Jan 26, 2013
01/13
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we've got sequestration coming, we've got the debt ceiling coming again we have to deal with in may. your article, this is a heck of a title, once unthinkable severe spending cuts now seem plausible, how so? >> t.j., what we saw in the congress was a few years ago they put together such big budget cuts, $1.2 trillion in cuts split 50-50 between military spending and domestic spending. and those were so big that everybody agreed at the time that there was no way we would do kind of this across the board budget ax. we're going to come back, we're going to rethink this and we're going to try to get those savings in a more -- in a smarter way. and that hope as it were is pretty much shot now when you talk to the republicans and democrats in the congress. republicans believe many of the deficit hawks out there believe this is the best chance they have for cutting spending. it's going to become law on march 1st. it's already on the way to taking effect. and democrats are happy to replace some of those cuts, particularly in the military side, but they want to do it with tax increases which
we've got sequestration coming, we've got the debt ceiling coming again we have to deal with in may. your article, this is a heck of a title, once unthinkable severe spending cuts now seem plausible, how so? >> t.j., what we saw in the congress was a few years ago they put together such big budget cuts, $1.2 trillion in cuts split 50-50 between military spending and domestic spending. and those were so big that everybody agreed at the time that there was no way we would do kind of this...
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Jan 28, 2013
01/13
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FOXNEWS
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that would pay for the last debt ceiling increase. >> the looming deadline is march 1. deputy defense secretary ash carter warned friday that the pentagon's $800,000 civilian employees will face furloughs. and reduce paychecks starting in april, if sequestration is not avoided. pentagon is now planning to eliminate 46,000 temporary civilian workers as a result of these imminent budget cuts. >> i got a perfect storm coming up in the next few months. we have this whole crazy mechanism called sequester. that means $1 trillion will be cut across the board. $500 billion out of defense. across the board. >> in a meat ax approach that will hollow out the force if it happens. >> one of the nation's largest defense contractors general dynamics based in false church virginia reported $2 billion in losses. blaming the upcoming defense cuts. the aerospace industry association estimates that $450,000 jobs will be lost in virginia, maryland and washington, d.c. if dequest ration cuts take place in march, which could be devastating to the local economy. >> we are talking about somethi
that would pay for the last debt ceiling increase. >> the looming deadline is march 1. deputy defense secretary ash carter warned friday that the pentagon's $800,000 civilian employees will face furloughs. and reduce paychecks starting in april, if sequestration is not avoided. pentagon is now planning to eliminate 46,000 temporary civilian workers as a result of these imminent budget cuts. >> i got a perfect storm coming up in the next few months. we have this whole crazy mechanism...
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Jan 31, 2013
01/13
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wall street probably couldn't care less what washington does with the debt ceiling and cuts and things like that as long as they know what washington will be doing over the next 12 months, 24 months, and this is pie in the sky, it will never happen, 36 months. >> how about that? so, jared, mitch mcconnell was on the floor of the senate on wednesday, and he said it's actually not new revenue that we need, that it's cutting government waste as we've been talking about. >> right. >> let's listen to a few highlights. >> -- on pig manure. if they demand a one or fun ratio between tax increases and pig manure cuts, then there's really no hope of ever putting our country back on the path to prosperity. >> now, start with you, jared. correct me if i'm wrong, but isn't pig mature what paul ryan is actually trying to cut entitlements unless that's their word for entitlements? >> you know, there is no line in the government budget for waste, fraud, and abuse, although these guys pretend there is. when they talk about things like that, they don't know what they're talking about. during the recover
wall street probably couldn't care less what washington does with the debt ceiling and cuts and things like that as long as they know what washington will be doing over the next 12 months, 24 months, and this is pie in the sky, it will never happen, 36 months. >> how about that? so, jared, mitch mcconnell was on the floor of the senate on wednesday, and he said it's actually not new revenue that we need, that it's cutting government waste as we've been talking about. >> right....
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Jan 25, 2013
01/13
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ceiling and impose budgets that cut the government 40% in ten years, the idea behind those crisis mongers is that we have to slash the heck out of social insurance, out of programs that provide educational opportunities for poor people, out of things that push back against economic inequality. we can't afford it. we must cut them. the crisis dictates it. if there is no crisis and, as krugman and i argue, there is no crisis, if there is no crisis, they're just out there in nowhere land by themselves, by the way, without the majority of the electorate behind them. >> very briefly, jared, if you can, eric cantor says taxes are done, no taxes, so i guess another stalemate to come on that? >> i see -- it's hard to see how the budget that's going to come out of the senate, and i think patty murray is going to do a very good job on that, is going to reconcile with the kind of budgets we're looking at. >> jared bernstein who absolutely deserves the nobel peace prize, thank you, sir, thank you for joining us. and we'll be right back. ♪ alright, let's go. ♪ shimmy, shimmy chocolate. ♪ shimmy,
ceiling and impose budgets that cut the government 40% in ten years, the idea behind those crisis mongers is that we have to slash the heck out of social insurance, out of programs that provide educational opportunities for poor people, out of things that push back against economic inequality. we can't afford it. we must cut them. the crisis dictates it. if there is no crisis and, as krugman and i argue, there is no crisis, if there is no crisis, they're just out there in nowhere land by...
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Jan 28, 2013
01/13
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look at sequestration and the spending cuts and the debt ceiling we believe it is all a dog and pony show. there is really not going to get cut, only get large. >>> he never spoke at the inaugural address about balancing the budgets and living within our means and making difficult choices. just the opposite. he seems to want to lock in this permanent welfare dependency mentality in the country which pretty much guarantees america becomess. >> you have this philosophical id long-timal mentality. what we like to think of unfortunately is that politics in washington is a little bit now like professional wrestling okay. there is this demonstration going on but it is kind of scripted and it doesn't really get to the full truth of what is going on. >> sean: there are two other issues we haven't dealt with yet. one is the media. they are not doing specials on this. number two, american people you know what, i don't know if they are either aware or they don't care. you want to weigh in here but the bottom line is they voted in obama. i got chris matthews all mad, he didn't get a tingle up hi
look at sequestration and the spending cuts and the debt ceiling we believe it is all a dog and pony show. there is really not going to get cut, only get large. >>> he never spoke at the inaugural address about balancing the budgets and living within our means and making difficult choices. just the opposite. he seems to want to lock in this permanent welfare dependency mentality in the country which pretty much guarantees america becomess. >> you have this philosophical id...
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Jan 24, 2013
01/13
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no budget, no pay. >> in the spotlight tonight, debt ceiling magic. that was house speaker john boehner after the house passed a bill making the debt ceiling disappear until may 18th, without cutting any federal spending. the stupidly named and conceived "no budget, no pay act" passed with a vote. 33 republicans voted against the bill, 199 voted for it. 86 democrats voted for the bill, 111 democrats voted against it. not only will the no budget, no pay act suspend the debt ceiling for about three months, it also requires the house and senate to pass budget resolutions by april 15th, and if they don't, representatives and senators will not get paid, which is of course, wildly unconstitutional. the 27th amendment prohibits congress from modifying their own paychecks in any way. they can vote to change the pay for future congress only, but republicans passing an unconstitutional bill, while at the same time relieving the pressure on the debt ceiling was welcomed by some democrats as republicans moving from out-right crazy to half-crazy. >> i'm not sure w
no budget, no pay. >> in the spotlight tonight, debt ceiling magic. that was house speaker john boehner after the house passed a bill making the debt ceiling disappear until may 18th, without cutting any federal spending. the stupidly named and conceived "no budget, no pay act" passed with a vote. 33 republicans voted against the bill, 199 voted for it. 86 democrats voted for the bill, 111 democrats voted against it. not only will the no budget, no pay act suspend the debt...
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Jan 26, 2013
01/13
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when you look at sequestration, the budget, the spending cuts and the debt ceiling, we believe it's a dog-and-pony show. it is not going to get cut, it's only going to get larger. >> he never spoke about the budgets, living within our means, making difficult choices, just the opposite. he seems to want to lock in this permanent welfare, dependency mentality and state which now is in the country, which pretty much guarantees that america becomes greece. >> there is no question, you have a philosophical, ideological commitment to growing government. and you have the sad reality that there are a lot of go-long to get long governments. politics in washington is like professional wrestling. okay? there is this demonstration going on, but it's kind of scripted. it doesn't rae really get to the full truth of what is going on. >> there are two other issues we haven't dealt with yet. one is the media -- they are not doing specials on this. the american people -- you know what? i don't know if they are aware or they don't care -- you want to weigh in here. but the bottom line is, they voted in
when you look at sequestration, the budget, the spending cuts and the debt ceiling, we believe it's a dog-and-pony show. it is not going to get cut, it's only going to get larger. >> he never spoke about the budgets, living within our means, making difficult choices, just the opposite. he seems to want to lock in this permanent welfare, dependency mentality and state which now is in the country, which pretty much guarantees that america becomes greece. >> there is no question, you...
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Jan 24, 2013
01/13
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for spending cuts for every dollar in debt ceiling raised. that is not what you got this time. and you have put the focus on senate democrats, a political tactic, perhaps a very successful one. but is that really a tactical retreat? >> i don't think so at all, chuck. and i was curious to hear steny's comments about this being a gimmick. 86 democrats supported the bill that we had on the floor yesterday, the no budget, no pay, so clearly they didn't think it was a gimmick. this was a bipartisan effort. look, if you look at the goal, we've got to get our fiscal house in order, we've got to balance the budget, and in order to do that, the senate actually has to produce a budget, which they haven't done in nearly four years. the house has had budgets for each of the last two years that actually get to balance. so what we did, in this bill, is to say to the senate, look, you've got to do a budget. families do budgets, businesses do budgets, employers do budgets. the senate has not done a budget in nearly four years, so this is the challenge for th
for spending cuts for every dollar in debt ceiling raised. that is not what you got this time. and you have put the focus on senate democrats, a political tactic, perhaps a very successful one. but is that really a tactical retreat? >> i don't think so at all, chuck. and i was curious to hear steny's comments about this being a gimmick. 86 democrats supported the bill that we had on the floor yesterday, the no budget, no pay, so clearly they didn't think it was a gimmick. this was a...
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Jan 27, 2013
01/13
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WTTG
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. >> reporter: there will be several skirmishes where the republicans can try out their focus, debt ceiling, and automatic spending cuts set to kick in august 1. but don't count on up compromise. >> we think the sequesters will happen. >> reporter: congressman paul ryan says he's not encouraged by president obama's words so far. >> i decided to not comment between the election and inauguration because i wanted to see what kind of president we're looking at, what kind of path he was putting his administration on. and all of the statements and all the comments lead me to believe he's thinking more of a political conquest than compromise. >> reporter: democrats have been talking the hard line on revenues and gun control. yet on immigration, there seems to be at least a small agreement. >> we are trying to work our way through some very difficult issues. but we are committed to a comprehensive approach to finally in this country have an immigration law that we can live with. >> it's my hope we'll come up with a bipartisan solution. i do think enforcement has to be a big part of it. but again, i
. >> reporter: there will be several skirmishes where the republicans can try out their focus, debt ceiling, and automatic spending cuts set to kick in august 1. but don't count on up compromise. >> we think the sequesters will happen. >> reporter: congressman paul ryan says he's not encouraged by president obama's words so far. >> i decided to not comment between the election and inauguration because i wanted to see what kind of president we're looking at, what kind of...
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Jan 29, 2013
01/13
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it comes out of the debt ceiling deal in 2011 and it was the backup to the supercommittee. and way it was designed, it was originally supposed to be half taxes and half spending cuts. so both sides would be terrified of letting it happen, and because they were so terrified of letting it happen, they would come to a deal. the point of the sequester was to get the two sides to a deal. but republicans wouldn't allow tax increases, even in the sequester. and so they made this weird deal with democrats. and they said, okay, the sequester has to be all spending cuts. but because we're not giving you any taxes, they can mostly be spending cuts you don't mind and that we really hate. so half of the sequester, a full half of it is defense. that is a huge, huge cut to defense. but it's actually worse than that for republicans. medicaid is completely protected from the sequester. social security, completely protected. most low-income programs, completely protected. medicaid beneficiaries, completely protected. veterans benefits, completely protected. pell grants, completely protected.
it comes out of the debt ceiling deal in 2011 and it was the backup to the supercommittee. and way it was designed, it was originally supposed to be half taxes and half spending cuts. so both sides would be terrified of letting it happen, and because they were so terrified of letting it happen, they would come to a deal. the point of the sequester was to get the two sides to a deal. but republicans wouldn't allow tax increases, even in the sequester. and so they made this weird deal with...
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Jan 27, 2013
01/13
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for every dollar increase in this debt ceiling we have to have a dollar in cuts to match that. the president said earlier this month, i'm not doing that anymore. we are not going to keep negotiating over the debt ceiling. this is our obligation over. the republicans have conceded the president had won the argument and are now -- this week they ebb extended the debt ceiling with no accompanied spending cuts. the republicans will cede that issue to him. >> your latest article, mitt romney i'm not going away. tell me. >> certainly was a little different. he came in to toub this weekend for the alfalfa dinner. we hadn't seen a lot from mitt romney since he lost in november. he to told donors that it was purposeful. he is not going anywhere. he will be active in 2013 and 2014s and in terms of 2016. although some sources said his personal ambition for public office are over. >> good to see you both today. thank you so much. >> thank you, t.j. >>> to the weather, the midwest is facing an ice threat. winter storm is dropping snow and freezing rain expected to bring icy conditions. powe
for every dollar increase in this debt ceiling we have to have a dollar in cuts to match that. the president said earlier this month, i'm not doing that anymore. we are not going to keep negotiating over the debt ceiling. this is our obligation over. the republicans have conceded the president had won the argument and are now -- this week they ebb extended the debt ceiling with no accompanied spending cuts. the republicans will cede that issue to him. >> your latest article, mitt romney...
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Jan 28, 2013
01/13
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[applause] the house will not consider another vote to increase the debt ceiling unless the senate passes a budget. we are going to point the country in the right direction. we are going to cut spending. [applause] when conservatives disagree on the way forward. we have never marched in lockstep. that is not what we do. and healthy debate is a good and needed thing. we can do that in private without doing it in public. all we ask of each other is thatwe need to give an honest account of our actions and the reasons for that. we should challenge the left and not each other. our founders were men of prudence. take james madison. nowadays they call him the founder of the constitution. but at the constitutional convention, he lost some key governments -- arguments. he fought for plan to give the states the same number of states in the government. he thought it was deeply unjust. in the first, he wanted to give congress even more power. he wanted it to be able to veto state laws. in both cases, madison argued vigorously for his side. and in both cases, he lost that argument. butwhen it came tim
[applause] the house will not consider another vote to increase the debt ceiling unless the senate passes a budget. we are going to point the country in the right direction. we are going to cut spending. [applause] when conservatives disagree on the way forward. we have never marched in lockstep. that is not what we do. and healthy debate is a good and needed thing. we can do that in private without doing it in public. all we ask of each other is thatwe need to give an honest account of our...
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Jan 26, 2013
01/13
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history, or if you can use the debt ceiling, which you can, in the end, pull the trigger on -- which you cannot, in the end, fully drawn. it would be catastrophic. it means to have to cut spending by 40% overnight, which you cannot do. unless you can execute the glove, don't good because obama will call it as he called it on generate first of this year, has he would with the debt ceiling. don't execute if you cannot carry out the block. i hope you weren't applauding carry out the blood appeared in which case, my entire argument is undermined and has gone nowhere. >> i think there is a small contingent. >> and they are on suicide watch. i hope their shoelaces have been removed. [laughter] so you do what i think the house members in their retreat in williamsburg very cleverly did. you pick your fights and you don't try to govern from one house. you get very small advances. i recommended last week, that in return for a temporary debt ceiling for three months, the the return to the senate and produce a budget. they adopted the idea and they have already succeeded. the senate will now pro
history, or if you can use the debt ceiling, which you can, in the end, pull the trigger on -- which you cannot, in the end, fully drawn. it would be catastrophic. it means to have to cut spending by 40% overnight, which you cannot do. unless you can execute the glove, don't good because obama will call it as he called it on generate first of this year, has he would with the debt ceiling. don't execute if you cannot carry out the block. i hope you weren't applauding carry out the blood appeared...
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ceiling so that's not going to restrain us any more they're going to cancel all the spending cuts i'm afraid they're going to use the weaker fourth quarter g.d.p. as justification for cancelling the spending cuts and so the government going to keep on spending the fed is going to keep on printing the monetize the growing deficit and we're marching towards a real economic crisis the united states where the dollar is going to plunge and that's going to send prices and interest rates in america soaring there i want to ask you i want to point out this other justification that the white house is using the white house also blames superstorm sandy for shrinking the economy natural disasters as we now also are disastrous for the economy and also out of the government's hands. well look the government's going to blame everybody but themselves why doesn't the obama administration take a look in the mirror if they want to know why the economy is struggling and believe me it's going to get a lot worse because we still have all this money that we borrowed that we have to deal with always did durin
ceiling so that's not going to restrain us any more they're going to cancel all the spending cuts i'm afraid they're going to use the weaker fourth quarter g.d.p. as justification for cancelling the spending cuts and so the government going to keep on spending the fed is going to keep on printing the monetize the growing deficit and we're marching towards a real economic crisis the united states where the dollar is going to plunge and that's going to send prices and interest rates in america...
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Jan 24, 2013
01/13
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ceiling. the american economy somebody very important to the global economy. we cannot have the kind of nonsense we've had going on in the building behind me and think that that's going to be either good foreign policy or economic policy for around the globe, not just here at home. i think he was trying to remind people we do live in a global economy. it is interconnected and that that does impact our foreign policy and our defenses. >> it clearly does. michael, the outgoing secretary of state said, and i'm quoting her, we are facing a spreading hi hjihadist threat across nort africa. is it your view that the attack on the consulate in libya, the hostage taking at that gas plant in algeria, and the conflict in mali mean that north africa is now the main front for islamic terrorism and how does a new secretary of state confront this? >> great question. i don't know that i would say it's the main front, but it is certainly a serious front and a serious set of interlocked issues. one thing we hav
ceiling. the american economy somebody very important to the global economy. we cannot have the kind of nonsense we've had going on in the building behind me and think that that's going to be either good foreign policy or economic policy for around the globe, not just here at home. i think he was trying to remind people we do live in a global economy. it is interconnected and that that does impact our foreign policy and our defenses. >> it clearly does. michael, the outgoing secretary of...
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Jan 29, 2013
01/13
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if not that fight, then in the next debt ceiling fight the next debt ceiling fight. the demand nor spending cuts isn't going to go anywhere. >> bill: barney frank, he would be fired up, ready to go. he knows she is issues. he knows the fiscal issues better than anybody else. >> deval patrick said he would be happy to have him. he didn't endorse it per se but he expressed sort of opens to the idea. >> wouldn't be a big learning curve for barney. >> bill: no, not at all. i think it would be very tough for governor patrick not to appoint him. i mean who else could step in and have all of the information and all of the experience you need to really fight for the people. >> i was going to say -- >> bill: now, of course, so is it is sort of a relief the fiscal issues are out of the way and we can talk about something else like maybe immigration reform. very unusual to see these days eight senators, four from each party, agree on anything, correct? >> it is. >> bill: you cover the congress. you're there. >> i do. filibuster reform deal that killed filibuster reform. this is
if not that fight, then in the next debt ceiling fight the next debt ceiling fight. the demand nor spending cuts isn't going to go anywhere. >> bill: barney frank, he would be fired up, ready to go. he knows she is issues. he knows the fiscal issues better than anybody else. >> deval patrick said he would be happy to have him. he didn't endorse it per se but he expressed sort of opens to the idea. >> wouldn't be a big learning curve for barney. >> bill: no, not at all. i...
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Jan 31, 2013
01/13
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it is set to vote on a bill to athe debt ceiling to keep going up through the middle of may had a would delay the ex-penned showdown between democrats and republicans over spending cuts. the house passed a bill last week. >>> president obama says he will sign it if it passes in the senate. >>> we are still following a developing story out of alabama. a-year-old boy is being held hostage and is now going on three days. here is what we know. 63-year-old man boarded a school bus tuesday after fatally shooting the bus driver. he grabbed the 5-year-old sxwoy pled the scene. police tracked the man down but says he has been holding the child hostage for more than 30 hours. neighbors of the man describe him as a loner and survivalist who distrust it is government. you can count on news4 for updates it is a story continues to unfold. >>> metro says it may need to review its procedures with d.c. fire after a chaotic evening commute. an insulator started smoking on the green line and the emergency responder cut the wrong electricity source. that left two trains stopped for hours between the anacos
it is set to vote on a bill to athe debt ceiling to keep going up through the middle of may had a would delay the ex-penned showdown between democrats and republicans over spending cuts. the house passed a bill last week. >>> president obama says he will sign it if it passes in the senate. >>> we are still following a developing story out of alabama. a-year-old boy is being held hostage and is now going on three days. here is what we know. 63-year-old man boarded a school bus...
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Jan 27, 2013
01/13
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mark your calendars march 19th when the delayed debt ceiling crisis could come back to haunt us. the budget battle and considering the behavior of possums and ducks begs the question of when those responsible for governing will act more like the people we have elected them to be and less like political animals. with me at the table, arie, vickie, assistant dean, robert and co-founder of no label, david walker, the formal head of the office at gao. nice to have you all here. okay. so -- we have big problems. huge issues that need to be solved in our country. it looks like we are going to be lurching every six weeks to another silly drip drap showdown for four years. is that what we are looking at here? >> what the republicans have done is always keeping this administration on the defense from a fiscal standpoint. your point was brilliant in how you worded it. every six months we have the conversation where the republican party wants to be. they want to rebrand themselves as fiscal austerity and fiscal restraint. medicare part d and iraq. that was so ten years ago. but to my earlie
mark your calendars march 19th when the delayed debt ceiling crisis could come back to haunt us. the budget battle and considering the behavior of possums and ducks begs the question of when those responsible for governing will act more like the people we have elected them to be and less like political animals. with me at the table, arie, vickie, assistant dean, robert and co-founder of no label, david walker, the formal head of the office at gao. nice to have you all here. okay. so -- we have...
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Jan 24, 2013
01/13
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CNBC
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ceiling. by cutting back on capital investment, and not firing people. there was a lot of anecdotal evidence over that, that they were waiting this out. that maybe they thought this time around it was more bluff and bluster than reality that we'd hit the debt ceiling. and that seems to have paid off. people don't -- employers don't like to fire employees. not only because of, you know, being gentle human beings but because it's costly for them to do that. they tried to hold on. what we seemed to be seeing here right now is i held my exuberance last week because i thought it was a one-off seasonal adjustment thing and you do have to be careful in the month of january, as people come off the rolls because of the seasonal hiring. and there's still some reason for skepticism. but staying down at this level for a second week, joe, we've always said 350 was the bottom of the range, and we're putting in a new bottom down there this 330 that you've got to think about. probably payrolls up near 200,000
ceiling. by cutting back on capital investment, and not firing people. there was a lot of anecdotal evidence over that, that they were waiting this out. that maybe they thought this time around it was more bluff and bluster than reality that we'd hit the debt ceiling. and that seems to have paid off. people don't -- employers don't like to fire employees. not only because of, you know, being gentle human beings but because it's costly for them to do that. they tried to hold on. what we seemed...
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Jan 26, 2013
01/13
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we are not going to just keep raising the debt ceiling, we are going to make a down payment on debt reduction and we are going to putt -- we are going to point the country in the right direction. we are going to cut spending. [applause] there will be times when conservatives disagree on the way forward. we never marched in lockstep. we can deliver it in private. all we should ask for each other is that we give an honest account of our actions and the reasons for them. we should challenge the left, not each other. if we take a prudent course we will be in very good company. take james madison. nowadays we call him the founder and the father of the constitution. but at the constitutional convention he lost key arguments. he fought to give each state the same number of seats in the senate. he wanted to give congress more power. he wanted them to be able to be tough state laws. in both cases, he argued vigorously for his side. in both sets -- in both cases he lost. when it came to ratify the when it came time to ratify the constitution, there was no better person than james madison. he led the ch
we are not going to just keep raising the debt ceiling, we are going to make a down payment on debt reduction and we are going to putt -- we are going to point the country in the right direction. we are going to cut spending. [applause] there will be times when conservatives disagree on the way forward. we never marched in lockstep. we can deliver it in private. all we should ask for each other is that we give an honest account of our actions and the reasons for them. we should challenge the...
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Jan 24, 2013
01/13
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WRC
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the treasury has warned the country could default on some loans as early as next month if the debt ceiling isn't lifted. >>> 6:48 now. a local company reporting major losses. they say the reason is defense cuts. cnbc has more live. kayla, good morning. >>> good morning, aaron. general dynamics, one of the nation's biggest federal contractors, reported a huge quarterly loss on wednesday, blaming it largely on defense cuts. the company which is based in falls church, virginia, posted a $2 billion fourth quarter loss on lower than expected sales as shrinking government orders and writedowns hammered the maker of weapon and aircraft. stock dropped as much as 5% in trading before recovering to close up about 1%. analyst attribute that to reassuring comments from the company ceo. >>> the washington's dependence on government and defense contracts makes it vulnerable to the spending cuts put in place by president obama and congress between 2000 and 2010. government procurement spending grew by double digits. last year it fell by more than 5%. back to you. >> thank you. >>> redskins players are be
the treasury has warned the country could default on some loans as early as next month if the debt ceiling isn't lifted. >>> 6:48 now. a local company reporting major losses. they say the reason is defense cuts. cnbc has more live. kayla, good morning. >>> good morning, aaron. general dynamics, one of the nation's biggest federal contractors, reported a huge quarterly loss on wednesday, blaming it largely on defense cuts. the company which is based in falls church, virginia,...
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they cut a deal to stop release three months the debt ceiling being the problem. right now you have the fed printing money at a dizzying rate. here's what you should keep in mind. the stock market is out of its mind, going through the roof. and the president of the united states's approval rating is through the roof. it's at 60%. >>gretchen: so how do you put this all together? i think a lot of people still scratching their heads over the election when you look at these economic numbers. so how do you -- how do you piece it together in your mind that the economy can be doing so poorly and yet the president is more popular than ever. fun know the answer, e-mail us or tweet us. >>steve: there's so many low-information viewers and votes out there. >>brian: that's their choice. >>steve: absolutely. when the payroll tax hit at the first of this year, they are going to go where did that money go? it was a shock to them. senator john thune yesterday tweeted after jay carney blamed the house democrats. -- house republicans. he says white house secretary blames g.o.p. for
they cut a deal to stop release three months the debt ceiling being the problem. right now you have the fed printing money at a dizzying rate. here's what you should keep in mind. the stock market is out of its mind, going through the roof. and the president of the united states's approval rating is through the roof. it's at 60%. >>gretchen: so how do you put this all together? i think a lot of people still scratching their heads over the election when you look at these economic numbers....
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every dollar increase in the debt ceiling. those amendments expected to be defeated. the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the state of the economy. at least it wasn't a -- that kind of rein. there's three of them. anyway, joining us for the next hour is bob bruska. that's fao -- >> no. you cannot. >> fao economics. as becky said at the top, things are going to go really well or the market is going to have an '87 crash. >> i like the binary outlook. >> everything you said was so good until you gout to that point. >> he usually wears one of these very clever ties. >> i'm not going to give him any -- >> there you go, joe. >> you didn't forget because you are getting
every dollar increase in the debt ceiling. those amendments expected to be defeated. the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the...